Oil prices fell on Thursday on concerns over surging U.S. crude production and slack global demand, particularly in light of the ongoing trade dispute between the United States and China.
U.S. West Texas Intermediate crude ended Thursday's session down 24 cents, or about half a percent, to $52.07 per barrel, bouncing from a session low at $50.98.
International Brent crude oil futures were down 14 cents at $61.18 per barrel at 2:27 p.m. ET. The contract earlier fell as low as $60.04 per barrel.
In its monthly market report, OPEC cut its forecast for the average demand for its crude in 2019 to 30.83 million bpd, down 910,000 bpd from the 2018 average.